EarningsQ2 2026 Earnings Report
DE:GNU1 Q2 2026 EPS Results
Actual EPS€0.56
Consensus EPS€0.52
Beat/MissBeat by +€0.04
One Year Ago EPS-€0.12
DE:GNU1 Q2 2026 Revenue Results
Actual Revenue€118.21M
Expected Revenue€78.50M
Beat/MissBeat by +€39.71M
YoY Revenue Growth+68.54%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
DE:GNU1 Upcoming Earnings
Genco Shipping's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:GNU1 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and financial momentum driven by materially higher TCE rates, substantial year-over-year EBITDA improvement, accretive fleet renewal and a reinforced capital allocation policy that produced a record Q2 dividend and optimistic dividend guidance for Q3/Q4. Liquidity and leverage remain manageable, though near-term funding for the Genco Volunteer required a $50M revolver draw and $58.5M remaining CapEx. Key risks noted include one-time proxy/tender-related expenses, an active acquisition proposal from Diana Shipping that could introduce strategic uncertainty and dilution concerns, Panama Canal transit risks tied to a likely El Niño, and the exposure of future dividends to continued strong freight markets and firmer secondhand values.Company Guidance
Strong Q2 Earnings and Cash Flow
Q2 adjusted EBITDA of $56.7 million (nearly $57M), a ~300% year-over-year increase; adjusted net income of $29.2 million or $0.67 adjusted basic EPS; GAAP net income of $16.6 million or $0.38 basic EPS.
Robust Time Charter Equivalent (TCE) Rates
Q2 TCE of $24,273 per day (management reported 'over $24,200'), highest quarterly TCE since 2022 and up 78% versus Q2 2025; Q3 TCE to date nearly $29,000 per day and on pace to be ~80% higher year-over-year.
Record and Growing Dividends
Declared Q2 dividend of $0.80 per share (more than double Q1 and +433% year-over-year), the highest declared since the 2021 strategy inception; 28th consecutive quarterly dividend; company has paid $308 million in dividends since 2021; management projects Q3 and Q4 dividends north of $1 per share and full-year dividend >$3.15 per share.
Fleet Renewal and Accretive Acquisitions
Invested $557 million in high-spec modern vessels since 2021; 2025 acquisitions expanded asset base by ~20% and were accretive (added ~ $0.15 per share quarterly dividend impact in Q2); expected IRR on recent Capesize/Newcastlemax acquisitions >30% to date; delivery of the Genco Volunteer (2019 Capesize) expected in August.
Strong Balance Sheet and Liquidity
Cash of $74 million and debt of $330 million as of June 30, 2026; undrawn revolver availability $350 million at quarter end (management drew $50 million in July to partially fund the Volunteer, leaving ~ $300 million availability pro forma); pro forma net loan-to-value around 20%.
Operating Leverage and Low Breakeven
Company reports an industry-low cash flow breakeven of ~ $10,000 per vessel per day (ex maintenance CapEx); Q3 TCE to date is ~ $19,000 per day above that breakeven; every $1,000 fleet-wide TCE increase equates to ~$16 million incremental annualized EBITDA (~$0.36 per share) and every $5,000 increase for large vessels equates to ~$36 million (~$0.81 per share).
Market Fundamentals Supporting Rates
Dry bulk demand drivers include continued strong China iron ore imports (+6% year-to-date vs prior year), record June Chinese iron ore imports of 113 million tons (+8% YoY) and record Brazilian shipments of 42 million tons (+18% YoY); Baltic Capesize Index averaged >$36,000/day in Q2 and Baltic Supramax Index averaged >$17,000/day in Q2.
Limited Near-Term Fleet Growth
Net fleet growth in H1 2026 of 3.9% with only 21 Capes delivered year-to-date (noted as a sharp reduction vs 15-year average), and an aging global fleet (average age 13 years) supporting tight supply dynamics and replacement-driven long-term demand for secondhand assets.
First Half Performance Exceeds Prior Year
First half 2026 adjusted EBITDA of $92.9 million already exceeds full year 2025 adjusted EBITDA and places the company on pace for its highest earnings since 2021-2022.
DE:GNU1 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed